北京市嘉源律师事务所 关于中钨高新材料股份有限公司 2025 年第五次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中钨高新材料股份有限公司 北京市嘉源律师事务所 关于中钨高新材料股份有限公司 2025年第五次临时股东会的 法律意见书 嘉源(2025)-04-440 北京市嘉源律师事务所（以下简称"本所"）接受中钨高新材料股份有限公 司（以下简称"公司"）委托，指派本所律师出席公司2025年第五次临时股东会 （以下简称"本次股东会"），并进行了必要的验证工作。本所指派本所律师对 本次股东会进行见证，并根据《中华人民共和国公司法》《上市公司股东会规则》 以及《中钨高新材料股份有限公司章程》（以下简称"《公司章程》"）、股东 会议事规则的规定对本次股东会的召集与召开程序、出席会议人员的资格、表决 程序等事项出具本法律意见书。 3、本次股东会采取现场投票与网络投票相结合的方式召开。本次股东会现 场会议于2025年6月19日14:30在 ...

证券代码：000657 证券简称：中钨高新 公告编号：2025-84 中钨高新材料股份有限公司 2025 年第五次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示 1.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更前次股东会决议事项。 一、会议召开情况 1.召开时间 （1）现场会议时间：2025 年 6 月 19 日 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为：2025 年 6 月 19 日交易时间，即 9:15—9:25，9:30 —11:30 和 13:00—15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为：2025 年 6 月 19 日 9:15—15:00 期间的任意时间。 二、会议出席情况 1. 参 加 本 次 股 东 会 的 股 东 及 股 东 代 表 共 计 327 人 ， 1,490,196,271 股，占公司享有表决权的股份总数的 65.3895％（截 至股权登记日，公司总股本为 2,278,954,380 股）。其中：出席现场 会议股东及股东代表 ...

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 1.60 per 10 shares, amounting to a total distribution of RMB 364,632,700.80, representing 38.81% of the net profit attributable to shareholders for the year [1][3]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the company's 2024 annual shareholders' meeting held on June 6, 2025, with a total share capital of 2,278,954,380 shares as the basis for the distribution [1][2]. - The cash dividend of RMB 1.60 per 10 shares (including tax) will be distributed to all shareholders, with a total cash distribution of RMB 364,632,700.80 [1][3]. Implementation Details - The implementation of the profit distribution plan will occur on June 19, 2025, with the record date set for June 18, 2025 [3][4]. - The company will not issue additional shares or convert reserves into share capital for this distribution [1]. Taxation Information - For Hong Kong market investors and certain foreign institutions, the cash dividend will be RMB 1.44 per 10 shares after tax [3]. - A differentiated tax rate will apply to individual shareholders based on their holding period, with specific tax amounts outlined for different durations [3]. Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through the securities companies or other custodians on the distribution date [4]. - The company will bear all legal responsibilities if there are any discrepancies in the cash dividend distribution due to changes in shareholders' accounts during the application period [6]. Consultation Information - The company has provided contact details for inquiries regarding the profit distribution, including an address and phone numbers [7].

Core Viewpoint - The tungsten industry is characterized by a significant supply-demand gap, with expectations of a global shortage increasing from 13,000 tons in 2023 to 18,000 tons by 2027, indicating a systemic rise in tungsten prices due to its strategic importance and scarcity [2][3]. Industry Overview - Tungsten is a globally important strategic resource known for its high hardness, melting point, and resistance to high temperatures and corrosion, making it essential in various sectors including transportation, mining, industrial manufacturing, and military applications [7][9]. - The global tungsten reserves are concentrated, with China holding over 50% of the total tungsten resources and production, making it a key player in the tungsten market [14][19]. Driving Factors - The rarity of tungsten resources and continuous innovation in mining technology are crucial for the industry's growth, with global tungsten reserves increasing from approximately 3.3 million tons in 2018 to 4.4 million tons in 2023, reflecting a compound annual growth rate of 5.9% [14]. - Demand for tungsten from downstream industries is on the rise, particularly in aerospace, military, and photovoltaic sectors, with projections indicating that global tungsten consumption could reach approximately 151,100 tons by 2028 [15]. - Technological advancements in mining and smelting processes are enhancing the efficiency and cost-effectiveness of tungsten extraction, making the market more attractive to investors [16][17]. Supply-Demand Structure - The supply of tungsten remains rigid, with China accounting for 52.5% of global tungsten reserves and 82.3% of production in 2024, despite a gradual decline in the quality of tungsten ore due to extensive mining [19][21]. - The Chinese government implements strict controls on tungsten mining, with total mining quotas gradually increasing but remaining limited, which contributes to a tight supply situation [21][27]. - The production cost of tungsten concentrates is expected to rise significantly, with estimates indicating costs could exceed 130,000 yuan per ton by 2024 [27][29]. Price Outlook - The price of tungsten is supported by strong cost factors, with production costs currently ranging from 96,000 to 107,000 yuan per ton, and expected to maintain upward pressure due to increasing mining costs and regulatory constraints [27][29]. - The global tungsten market is anticipated to experience price increases driven by supply constraints and rising demand from various industrial applications [2][3]. Industry Development Trends - The tungsten industry is expected to see continued growth in hard alloy production, with domestic production increasing from 33,800 tons in 2018 to an estimated 58,000 tons in 2024, reflecting a compound annual growth rate of 9.4% [37]. - The demand for tungsten wire, particularly in the photovoltaic sector, is projected to grow rapidly as it replaces traditional carbon steel wire due to its superior properties [53][54].

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of RMB 1.60 per share, amounting to a total distribution ratio of 38.81% [1]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on June 6, 2025 [1]. - The total number of shares for distribution remains unchanged at 2,278,954,380 shares [1]. - The company will not issue bonus shares or convert reserves into share capital for this fiscal year [1]. Group 2: Taxation and Dividend Payment - The cash dividend will be subject to different tax rates based on the type of investor, with specific provisions for Hong Kong market investors and domestic investors [1]. - The tax on dividends for individual shareholders will not be withheld by the company at the time of distribution; instead, it will be calculated based on the holding period when the shares are sold [2]. Group 3: Key Dates and Distribution Method - The record date for the dividend distribution is set for June 18, 2025, and the payment will be made on June 19, 2025 [1]. - The cash dividends will be directly credited to the accounts of shareholders through their custodial securities companies [1].

证券代码：000657 证券简称：中钨高新 公告编号：2025-83 一、股东会审议通过利润分配方案情况 1.以公司总股本 2,278,954,380 股为基数，向全体股东每 10 股 派发现金红利人民币 1.60 元（含税），共计派发现金红利 364,632,700.80 元（含税），占 2024 年度归属于上市公司股东净利 润的比例为 38.81%。公司本年度不送红股，不以公积金转增股本。 本次利润分配方案实施时，如享有利润分配权的股本总额发生变 动，则以实施分配方案股权登记日时享有利润分配权的股本总额为基 数，按照现金分红总额不变的原则对每股分配金额进行调整。 2.自公司 2024 年度利润分配方案披露至实施期间，本公司股本 总额 2,278,954,380 股未发生变化。 3.公司本次利润分配实施方案与公司 2024 年度股东会审议通过 的分配预案一致。 4.本次利润分配实施时间距离股东会审议通过的时间未超过两 个月。 中钨高新材料股份有限公司 2024 年度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 中钨高新材料股份有限公司（以 ...

Summary of Tungsten Industry Conference Call Industry Overview - **Tungsten Demand**: Global tungsten demand is robust, with hard alloys being the primary consumption area, accounting for 65% of total demand. Emerging industries such as electric vehicles, aerospace, and military applications are driving growth in tungsten demand [2][3][4]. - **China's Tungsten Resources**: China holds 51% of global tungsten reserves and produces 80% of the world's tungsten. The industry is highly concentrated, with Jiangxi, Hunan, and Henan provinces holding 80% of China's reserves, which is 40% of global reserves [2][5]. - **Price Dynamics**: Tungsten prices have risen due to multiple factors, including environmental regulations, export controls, and structural constraints. In 2025, tungsten prices reached their highest level since 2011, with a cumulative increase of 21.8% [2][9]. Key Insights - **Strategic Importance**: Tungsten is considered a strategic resource, essential for industrial manufacturing, often referred to as the "industrial tooth." The supply-demand dynamics are tightening, leading to higher prices in the context of de-globalization [3][6]. - **Supply Constraints**: The growth rate of tungsten supply is limited, with China's production growth slowing down and overseas increments being insufficient to offset the reduction in Chinese output. By 2025, overseas supply is expected to increase slightly, but long-term production levels may stabilize around 2013 levels [4][15]. - **Export Control Impact**: China's tightening of supply indicators and export controls has led to a split in domestic and international price systems. Despite overall declines in tungsten product exports, the export of high-value downstream products like tools and blades has continued to grow [8][22]. Market Changes - **Global Supply Chain Reconfiguration**: Countries are increasingly focusing on the security of the tungsten supply chain. The U.S. and Europe are restructuring their supply chains and supporting overseas tungsten mining projects while planning to build higher strategic inventories [2][10]. - **Investment Recommendations**: Investors are encouraged to understand the fundamentals of tungsten and consider stock allocations in related companies, as the current price increases and favorable market conditions may lead to significant benefits for listed companies [7][28]. Financial Performance - **Listed Companies' Growth**: Major Chinese tungsten companies have shown significant revenue growth from 18.75 billion yuan in 2019 to 37.25 billion yuan in 2024, with a compound annual growth rate (CAGR) of 14.7% [25]. - **Cash Flow Analysis**: Leading companies reported stable operating cash flows, with significant improvements in financing activities, indicating a strong financial position to capitalize on market opportunities [26]. Future Outlook - **Demand Projections**: The demand for tungsten is expected to grow due to the rise of new industries and increased military spending globally. The compound annual growth rate for tungsten consumption is projected to be 2.61% from 2025 to 2038 [19][24]. - **Price Trends**: Tungsten prices are anticipated to remain high in the short term, driven by tightening supply and increasing demand for high-end equipment. The market is expected to enter a prolonged bullish phase [29]. Conclusion - The tungsten industry is poised for significant growth driven by strategic demand from various sectors, supply constraints, and favorable pricing dynamics. Companies in this sector are well-positioned to benefit from these trends, making tungsten a critical area for investment consideration.

证券代码：000657 证券简称：中钨高新 公告编号：2025-82 中钨高新材料股份有限公司 2024 年度股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示 1.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更前次股东会决议事项。 一、会议召开情况 1.召开时间 （1）现场会议时间：2025 年 6 月 6 日 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为：2025 年 6 月 6 日交易时间，即 9:15—9:25，9:30 —11:30 和 13:00—15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为：2025 年 6 月 6 日 9:15—15:00 期间的任意时间。 2.召开方式：以现场投票和网络投票相结合的方式召开。 3.现场会议地点：湖南省株洲市荷塘区钻石路 288 号钻石大厦 1006 会议室。 4.召集人：公司董事会 5.主持人：董事长李仲泽 6.合规性：经公司第十一届董事会第一次（临时）会议审议决定 召开本次股东会。本次股东会的召开符合有关法律、行政法规 ...

法律意见书 嘉源(2025)-【】-【】 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中钨高新材料股份有限公司 北京市嘉源律师事务所（以下简称"本所"）接受中钨高新材料股份有限公 司（以下简称"公司"）委托，指派本所律师出席公司2024年度股东会（以下简 称"本次股东会"），并进行了必要的验证工作。本所指派本所律师对本次股东 会进行见证，并根据《中华人民共和国公司法》《上市公司股东会规则》以及《中 钨高新材料股份有限公司章程》（以下简称"《公司章程》"）、股东会议事规 则的规定对本次股东会的召集与召开程序、出席会议人员的资格、表决程序等事 项出具本法律意见书。 北京市嘉源律师事务所 关于中钨高新材料股份有限公司 2024 年度股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京市嘉源律师事务所 关于中钨高新材料股份有限公司 2024年度股东会的 为出具本法律意见书，本所指派律师现场见证了本次股东会，并查阅了公司 提供的与本次股东会有关的文件和资料，并进行了必要的审查和验证。在前 ...

Group 1 - The Shenzhen Stock Exchange announced a periodic adjustment of sample stocks for indices such as the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index, effective June 16, 2025, with 20, 8, and 3 stocks being adjusted respectively [1] - Companies like Nanfang Glass (000012.SZ), Defang Nano (300769.SZ), and Mengguli (301487.SZ) from the new energy sector were removed from the Shenzhen Component Index, while Dongfang Risen (300118.SZ) was removed from the ChiNext Index [1][2] - The adjustment aims to include high-quality companies and remove underperforming ones, promoting market competition and ensuring index quality [2] Group 2 - KWH Data (002335.SZ) was included in the Shenzhen Component Index for the first time, focusing on data centers, high-end power supplies, and clean energy, with a strong growth in orders for intelligent computing center products [3] - Zhongtung High-tech (000657.SZ), a tungsten industry company under Minmetals Group, also joined the Shenzhen Component Index, benefiting from the increasing demand for tungsten in the photovoltaic industry [3]